When I met Shane & Nathalie, they expressed to me how crucial it was that they lived in the Phantom Lake area of Bellevue, WA. The nearby elementary school was the prime candidate for their kids, and living within a certain proximity of the school would allow them to send their kids there.
This neighborhood was extremely competitive. It wasn't going to be easy winning against the strong all-cash buyers here. Just like many other buyers, we lost a couple times due to intense competition. Bellevue is one of the hottest real estate markets in the entire country. No matter how great of an offer you write and how much rapport you build with the listing agent - you are more than likely to lose a couple times. Your motivation to win is sometimes just not as strong as another buyer.
We quickly realized that we needed to change our strategy. We just had to wait for another perfect home to come up in that exact neighborhood. A very tall order, considering how low the inventory is for homes in general in our area.
Boom - a gorgeous home becomes available:
Not too long of a wait either. We all realized that we had to jump on this opportunity quickly. Like many homes in the area, this home had an offer review period. This basically means that the seller has set a predetermined date to review offers after the home gets listed. In theory, we would see the home and write up the offer to be sent on that day. In our market, many buyers are writing strong offers to entice a seller to take an offer earlier than their proposed review date. It would have been too risky to wait.
I called up the listing agent and had a chat with him. Nice guy. I asked if the seller was willing to accept an offer before the offer review date. Agents here it all the time: "Well, if it is strong enough, maybe my seller would consider it." I heard this. It isn't clear on what they would accept of course. I was happy with the rapport that was built, and we decided to write an offer. We felt good about the offer... until I talked to the listing agent that night.
Someone put in an offer that was considerably higher than ours. I couldn't believe it. It was so much higher.
But to my surprise - the listing agent wanted us to win. He told us to come up to the offer price of the other offer and they would accept out offer. This never happens.
The rapport I built paid off. We came up to the offer price of the competing offer - and won. They are now enjoying their beautiful home!
Realtor / Real Estate Broker